Firms advise on $635m property acquisition

DibbsBarker has acted for DEXUS on the $635m acquisition of Waterfront Place and Eagle Street Pier in Brisbane.

DEXUS Property Group and DEXUS Wholesale Property Fund have each acquired a 50 per cent interest in what is one of the biggest property transactions this year.

Leading the DibbsBarker team was Matthew Rollason, Simone Menz led the King & Wood Mallesons team who advised Stockland and Future Fund.

“This property is one of the most prominent and iconic waterfront sites in the heart of Brisbane’s CBD that has only changed ownership 3 times since its construction in 1990,” Rollason told Australasian Lawyer.

“We are seeing significant revitalisation of Brisbane as a city at the moment, and there are several things contributing to this,” he said, commenting that social and demographic changes and the need for student and high-rise residential developments are likely factors.

The acquisition for DEXUS will build on the company’s existing presence in the Brisbane CBD office market.
“What really keeps Brisbane unique is the mix of owners, occupiers and developers, ranging from listed institutions to private families,” Rollason said.

“I expect this revitalisation will only gather speed over the next 12 months. Beyond that, it will be very interesting to see how further momentum can be gained from the North Bank redevelopment where construction is slated to begin in 2017.”